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OMGT 3223 EXAM 1 QUESTIONS AND ANSWERS
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OMGT 3223 EXAM 1 QUESTIONS AND ANSWERS
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OMGT 3223 EXAM 1 QUESTIONS ANDANSWERS
breakeven analysis: - Answer-the sales volume at which revenue covers costs
descriptive model: - Answer--model the behavior of a system
-calculate measures given a set of inputs or to perform sensitivity analysis
-EX: simulation models
prescriptive model: - Answer--replicates behavior of system and identifies input values
that will help decision maker achieve an objective
-often built as extensions/enhancements to descriptive model
-EX: prescribe a solution; optimization model
predictive model: - Answer--model capable of forecasting specific aspects of the
system's behavior
-outputs cannot be predicted exactly from inputs
-exact functional relationship between inputs and outputs is not known
EX: regression model
deterministic model: - Answer--all inputs are assumed to be known with certainty (no
probability distribution)
-single values as input and outputs
-used for both descriptive and prescriptive
scholastic model: - Answer--some inputs are random
-some inputs are random variables specified by probability distributions and outputs
data table: - Answer-perform sensitivity analysis
goal seek: - Answer-search for specified output level
solver: - Answer-perform constrained optimization
curve fitting: - Answer-forecasting; fit linear and non linear functions to a set of observed
data
symmetric data: - Answer-mean and median approximately equal
data skewed left: - Answer-mean < median < mode
data skewed right: - Answer-mode < median < mean
mean: - Answer-=AVERAGE(Data)
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